Income Tax Assessment Act 1997
None of the following can be * utilised, to the extent it has already been utilised:
(a) a * tax loss;
(b) a * net capital loss;
(c) * net exempt income. Utilisation of losses 960-20(2)
A * tax loss is utilised to the extent that:
(a) it is deducted from an amount of assessable income or * net exempt income; or
(b) it is reduced by applying a * total net forgiven amount; or
(c) it is *carried back.
A * net capital loss is utilised to the extent that:
(a) it is applied to reduce an amount of * capital gains; or
(b) it is reduced by applying a * total net forgiven amount. Utilisation of net exempt income 960-20(4)
* Net exempt income for an income year is utilised to the extent that:
(a) it is subtracted:
(i) from deductions; or
in determining a * tax loss for the income year; or
(ii) under subsection 268-60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165-70(4) or 175-35(4) of this Act;
(b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or
(c) because of it, an amount is reduced under subsection 35-15(2) (about deferral of deductions from non-commercial business activities); or
(d) because of it, a quarantined amount is reduced under subsection 26-47(8) ; or
(e) it is reduced under subsection 65-35(3) because of a * tax offset carried forward; or
(f) because of it, an amount is reduced under step 2 of the method statement in subsection 160-10(2) (which is a step in calculating a loss carry back tax offset component).
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